If things work out the 64-year-old "Hateful Eight" star will play Pratt's Star-Lord, said The Hollywood Reporter.
Their was a mention about Lord's father in the first movie and the relationship will be a focal point in the new picture.
According to the sources the discussions are at the early stages and the actor has not yet read the script.
However, both Marvel and director James Gunn as well as Russell are more than willing to work together.
The cast of the film including Pratt, Zoe Saldana, Dave Bautista and voice stars Bradley Cooper and Vin Diesel are returning as well.
The film is scheduled for May 5, 2017 release.
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